Official Dates for the Proposal to Activate 1.2% Terra Classic (LUNC) Tax Burn Announced

The moment that the Terra Classic community members have been waiting for is around the corner. The dates for the activation of the proposal to steadily burn LUNC tokens have finally been announced.

In a tweet on the 6th of September, the Twitter handle that tracks all LUNC tokens sent to the dead wallet stated that a 1.2% tax proposal for LUNC will be made available for voting on September 10 and activation on or around 20th September if passed.

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LUNC Burn tweeted, “This is the official date’s for the proposal to activate the 1.2% tax burn. The prop will be on or before 10th September and the activation date once it passes will be on or around 20th September.”

A tweet from TerraRebels, a Terra Classic community group, also affirms the effort to make the proposal go live as soon as possible.

TerraRebels wrote, “Expect the 1.2% parameter change burn proposal to be released for voting on within a week or so depending on work loads and final checks by #TerraRebels We need to prepare for potential altitude sickness risks.”

The Proposal Seems Confusing To Some Terra Classic Community Members

Recall that a similar proposal was introduced and passed back in June 2022. Going by the proposal’s content, a 1.2% tax/burn will be implemented on all LUNC transactions (buys and sells).

This new proposal now makes some community members ask about the difference between the previously passed proposal and the new one.

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For clarification, a community member who cleared the air about the new proposal said the previous one was passed in the general sense of a 1.2% tax. But the new parameters proposal seeks to give the context within which the 1.2% tax should be applied.

It’s worth noting that if the proposal is passed, it will see users pay a 1.2% fee on all on-chain transactions, including wallet transactions and smart contracts. And all these fees will be subsequently sent to the wallet dedicated to burning LUNC tokens.

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